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2 years after demonitization, Indian ATMs still not recalibrated

August 24, 2018

Indian consumers continue to feel repercussions from the Modi government's decision nearly two years ago to demonitize 500 rupee and 1,000 rupee notes. 

The State Bank of India, the nation's largest financial institution, still has not finished recalibrating its ATM fleet to accept the new 2,000 rupee denomination notes and resized 200 and 500 rupee notes, according to a report by Times of India.

Out of approximately 59,521 ATMs operated by SBI, 18,135 — nearly one-third — remain to be recalibrated. SBI said it has spent $3.2 million on the 41,386 that have been addressed to date.

The report did not say when SBI expects to complete recalibration of the remaining ATMs.